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This is a serious issue

So money went into a black hole

And now the CEO comes out with a new license and on the verge of asking for fresh money

On what term or trust you think he'd won't abandon H1 and H2, and Gobi if they don't quite work out, just like he did with antelope and v-raptor

Why is no one asking questions about antelope and v-raptor?

Millions spent to conduct seismic and months spent on data interpretation.

Company did say they will revisit these but never did.

I was the only poster who dared called MB out and was absolutely right about him finding the next venture.

I know his characteristics too well.

The next step for him is to call a fund raise.

Once that happens then everything will be snail paced.

Our main man, Mr CEO loves to drag things out.

He is in no rush. Only the shareholders are eagerly waiting.

Heron1 drilling permit took 5 years

Heron1 drilling preparation took months to get on site, and another few months of idling.

PC discussions are ongoing for 10 years

Makes one wonder how long will the export license take?

And how many months before we hear about H2, or Gobi Bear, or Antelope (another wildcat that supposedly deemed with lots of potential)

You see, every time funds raised and new project in the making, the old ones gets quietly dropped.

Let's say this...

Let's say that...

10 years plus and mostly it's been let's fund raise via placings...

How about let's keep it real...

Lets just let them sort out the export license first...

Adw198 I have lost a lot of money in here and other shares.

You live and learn, but yes I agree with your post.

"Most LTH here bought in on the dream of a field full of oil, probably calculating the value and thinking they’d get rich. Most still do. Absolutely no interest or consideration on things like funding the field and what critical levels of dilution are needed to get there"

A lot of companies knows this and use it against the investors. Company will always tell an investor the potential returns but never give an accurate figure on the funds needed to get there.

Many of the prospects isn't as good as it sounds due to that. If a well can produce 10million worth of oil but it costs 30million to get it out, it's a loss.

What many companies are doing are profiting at the expense of private investors. This is a hard fact.

"Block VII has previously been lightly explored by other operators and has some 2D seismic coverage and limited well data. Geological outcrop information is plentiful"

Why did the other operators abandon the block then?

"The reward potential and risk profile that Block VII offers are very attractive and we hope to be able to bring in partners to join us in exploring this exciting new area."

I personally will take Buck's words with a pinch of salt. He had been talking about partnerships for Heron for years, namely PetroChina. If they can't find partnership for Heron,what makes him think there'll be one for Block VII

"We are also hopeful that the signing of our next new PSC will follow shortly and I look forward to updating shareholders"

I'm sure it will, followed with a placing too.

Ok ok I know we are all trying to be positive

But the sanctions have little to no relation to Frontera, arguably

Other than the desperation and clinging onto hope that one day this will come back

Don't get me wrong, I want this to come good but... chance are so slim it will take more than a miracle...

It shows our CEO mb can actually gets things done, if he wanted to.

Bidding for new licences were never a problem aye...

But when it comes to showing results, there's always delays and hurdles.

Good point take it easy

I suspect it's nothing to do with the Mongolian government.

It's just Matd are playing games and treating their shareholders like m u g s.

The award of the Borzon Block VII licence was immediate, so it raises the question why drilling permit and export license have taken so long?

I tell you why, it's because it's an excuse. It a work of fiction from our very CEO.

Let's be honest here.

The reasons MB has bid a new block because the existing portfolio has produced little to naught

200 bopd isn't quite enough.

If it was 10 years ago, the SP would have lifted to £1.

Not now I'm afraid, shares are diluted into oblivion from millions raised over the years. Trustworthiness gone for the management for constant letdowns.

The introduction of Borzon Block VII is designed to reignite hype. More importantly to keep their own pay cheques going.

It's true though.

Look back at interviews and RNS.

The goal had always been well exploration, move onto production stage, make money and use part of the proceeds for additional prospects.

This was never materialized. A more accurate description is:

Raising tens of millions on failed campaigns and wild cat dusters.

Eventually found Heron1, ongoing plan to bring it into production aiming for 200ish bopd.

Legal documents are in process.

Already begun plans for next campaign for Borzon Block VII with estimated commitments of approx 15million

All this and H1 and H2 haven't fully been remedied.

I dare say by the time they raised funds for the next campaign, they will quietly drop H2 and H2 and all focus will be on the new venture.

It's just a smokescreen to cover up yet another failed program having wasted millions of shareholders money.

MB has been doing the same.

Promote a prospect, raise funds, under delivering, move on to the next project.

Endless cycle and using the same "dangle a carrot" strategy.

Not only this is disrespectful to the shareholders that have supported the company through their journey, it is like rubbing Salt on Wound to have the guts to come out and ask for more money.

Even a homeless beggar have more respect than this lot.

There you go, Borzon Block VII alone will require 14.9million across 8 years. God knows how our CEO thought that was a good idea because I don't.

There will be other spendings as well, naming H1 and possibly H2, and also the renewal energy project.

Any income from Heron would be evaporating into the Borzon Block and that's even if they sort out the paperwork first for oil to be exported and sold.

LTHs have been hoping to see positive bank balance but I don't think that will happen soon.

If anyone can enlighten me with some calculations to prove how this could work out then your more than welcome.

The question you should be asking the CEO, is when are they plan to receive revenue into the MATD Bank.

If that doesn't happen soon, then the question should be how much funds are we looking at for the Borzon Block VII prospect

You wasn't expecting it to be free would you?

-Seismic data logging and data analysis

-Putting crew members on the the field

-Borrowing new drill and equipments

-Applying for drilling permit and land access

All costs money don't you think?

In short, does it occur to anyone that the company's objective are constantly changing to suit their own interests?

First we had wild cats drills, they all turned out to be dusters, snow leopard, wild horse, antelope, Gazette etc

Then they promoted Heron field to be the one to make millions. They said they would focus on Heron field.

Then MR CEO went to to chase Gobi and results wasn't convincing.

We were then told they would return to Heron to ramp up production.

And before that happens, we are now hearing about Borzon Block VII.

And I haven't mentioned about the renewable energy project with Sunsteppe.

Where will Buck find the funds to support all of this?

How should I put this...

Mike Buck, our CEO, without really having delivered to shareholders expectations on the Heron1 well, both on terms of production and commercialisation, as in BOPD were lower than expected and sales yet to commence, is now off to chase the next rainbow Borzon Block VII.

I was 100% right that the geezer had the next venture already lined up without really seeing the Heron field delivering to satisfaction, what we were originally told, that it could take it millions, not 600K.

What does this potentially mean?

It means that Gobi was a dud, already abandoned?

It means that they've already casted H2 aside?

It means that further funding is required for the next venture for the Borzon Block VII.

As a LTH, I am beyond frustrated THAT, we are just being fed the NEXT big opportunity when blatantly they have failed to deliver the expected outcomes on the targeted prospect. People can look back on interviews and presentations to see what was said.

The goal had always been:

To focus on Heron field and increase production, by that it was originally to drill more Heron wells beside H1 to ramp up production. How's that going so far? 200BOPD when investors were told potentials in the millions.

To generate revenue for Matd to be fully self funded for future operations. Has this been achieved? I don't think 600k with cut it.

So then it begs the question why now they are promoting the Borzon Block VII?

It almost sounded like after 10 years of funding and work done on Heron, they are abandoning the rest of the field to start a new venture. WHY?

Wasn't Heron supposed to ramp up production so no more raises would occur? Mike Buck himself said this 10 years ago. 10 years later he is still finding new opportunities without looking at the Matad bank balance?

People here are being taken for a ride.

DYOR

"The RNS was positive"

Not entirely. MB has been feeding the market on 800bopd peak for months, so everyone though 400-500bopd was achievable.

I was one of the few who had questioned his credibility, and referred people to the Block Energy case, where their CEO had also failed to deliver the expected flow rates after bragging about 1000bopd for their western Rastavi well which in the end turns out 70% water.

Although the case here isn't so extreme, there should be no further argument about this. The RNS today confirmed it.

MB has failed to deliver shareholders expectations. The bigger problem is sales agreements / paperwork still not in place.

What is he being paid to do exactly?

I refer investors back to the 10 years + that he had under his leadership.

This ain't an investment.

It's a word beginning with S and ending with M

The people advising to hold are probably selling themselves in the background.

DYOR and make your own decision